Brown & Brown, Inc. Announces Implementation of Senior Executive Succession Plan
May 05 2009 - 4:32PM
Marketwired
Brown & Brown, Inc. (NYSE: BRO) today announced that,
consistent with its previously-disclosed executive succession plan,
J. Hyatt Brown will retire effective July 1, 2009, from the
position of Chief Executive Officer, and J. Powell Brown, currently
the Company's President, has been appointed by the Company's Board
of Directors to the additional position of Chief Executive Officer
effective July 1, 2009.
As previously disclosed, following his retirement from the
position of Chief Executive Officer, J. Hyatt Brown plans to
continue to serve as the Chairman of the Board of Directors, and
also to continue to be involved in acquisitions and
recruitment.
Chilton Varner, Chairman of the Compensation Committee of the
Company's Board of Directors and a member of its
Nominating/Corporate Governance Committee, remarked, "The Board is
pleased that the transition of the CEO position is proceeding
according to plan, and believes that Powell is well-equipped to
serve in this capacity. Powell's commitment to the fundamentals of
the Company's culture, and his experience in the insurance industry
and with the Company, are strong positives."
Mr. Powell Brown commented, "I look forward to the opportunity
to work with our high-quality team members nationwide and in London
in continuing our unwavering focus on serving our customers,
enhancing our people and delivering value to our shareholders."
Mr. Hyatt Brown added, "Based on 50 years of experience in the
insurance industry, I believe the leadership team responsible for
this Company's operations is second to none. I am confident that
Powell will devote his utmost in time, talent and energy to grow
and improve the organization, and I look forward to helping in
whatever way I can, especially in the areas of acquisitions and
recruitment."
Jim Henderson, Vice Chairman and Chief Operating Officer of the
Company, commented, "I and the other members of the senior
management of Brown & Brown look forward to continuing to work
with Powell. The depth of his experience with the Company and the
expansion of his responsibilities over his 14-year tenure with
Brown & Brown will help to make the transition in July a
seamless one."
J. Powell Brown has been the Company's President since January
2007 and has been a director since October 2007. Prior to that
time, he served as one of the Company's Regional Executive Vice
Presidents since 2002. Mr. Brown also serves on the Board of
Directors of Camp Boggy Creek.
Brown & Brown, Inc. and its subsidiaries offer a broad range
of insurance and reinsurance products and services, as well as risk
management, third party administration, managed health care, and
Medicare set-aside services and programs. Providing service to
business, public entity, quasi-public entity, individual, trade and
professional association clients nationwide, the Company is ranked
by Business Insurance magazine as the United States' seventh
largest independent insurance intermediary. The Company's Web
address is www.bbinsurance.com.
This press release may contain certain statements relating to
future results which are forward-looking statements, including
those relating to J. Hyatt Brown's retirement and J. Powell Brown's
appointment to the position of Chief Executive Officer. These
statements are not historical facts, but instead represent only the
Company's current belief regarding future events, many of which, by
their nature, are inherently uncertain and outside of the Company's
control. It is possible that the actual events may differ, possibly
materially, from the anticipated events contemplated by these
forward-looking statements. Further information concerning the
Company and its business, are contained in the Company's filings
with the Securities and Exchange Commission. All forward-looking
statements made herein are made only as of the date of this
release, and the Company does not undertake any obligation to
publicly update or correct any forward-looking statements to
reflect events or circumstances that subsequently occur or of which
the Company hereafter becomes aware.
Contact: Cory T. Walker Chief Financial Officer (386)
239-7250
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